Expansion is not my preference, but it's important that the Pac is responsive to changes in the college football landscape. If the dominoes start to fall and it becomes necessary to have 16-team conferences, I'll roll with it.
Assuming that we could bring UT in under equal terms with TLN being a regional P-16 network, adding a 4-team pod of UT, TTU, OU and OSU would be very strong. The number of televisions and the recruiting grounds that the Pac-16 would dominate would make us the strongest conference in the nation, hands down.
Here's how that hypothetical pod system would likely play out:
Eastern Division
"Southwest" pod: Oklahoma, Oklahoma State, Texas, Texas Tech
"Mountain" pod: Arizona, Arizona State, Colorado, Utah
Western Division
"Coastal" pod: Cal, Stanford, USC, UCLA
"Northwest" pod: Oregon, Oregon State, Washington, Washington State
Conference schedule: Each team plays the 3 teams in its pod every season. Each team also plays 2 teams from each of the other 3 pods every season. Total of 9 conference games.
Championship: 4 pod winners enter playoff for conference title. 1st round is the Divisional Championship games. Final is between the two Division Champions. (NCAA rule change would be necessary to allow for more post-season games.)
By adding 2 additional post-season games, the Texas and Oklahoma television audiences, greater national television appeal, and 48 more football games (4 new teams x 12), the money would be absolutely sick.
Outside of football, the revenue driver that matters is men's basketball. A 16-team conference would also work within the pod structure. Home-and-home matchups within the pod for 6 conference games. Then, 1 game against the other 12 conference teams for an 18-game conference slate (the current standard). It also brings at least 120 more men's basketball games to the television deal (4 new teams x 30). Conference tourney value and attendance could be enhanced by using the pod system. Regular season pod winners get to host the pod games (2 rounds per pod, seeded 1-4 based on regular season). Then, we'd have a conference "Final Four" at a set location every year.